1st Jun 2016 06:43
LONDON (Alliance News) - Car dealer Vertu Motors PLC on Wednesday said it has acquired Gordon Lamb Group Ltd in a GBP18.7 million deal to boost its premium offering.
Gordon Lamb operates Toyota, Land Rover, Skoda and Nissan outlets in Chesterfield and the Skoda outlet in Derby.
Vertu said the deal will bring Toyota into its offering, boosting the range of franchises under its control. The acquisition will increase the number of outlets Vertu operates in Derbyshire to 14 from 10 and will provide marketing and management synergies in the county.
For the year to the end of December, Gordon Lamb made an adjusted pretax profit of GBP2.7 million on revenue of GBP85.8 million. Vertu expects the deal to be earnings enhancing in its first full year of ownership.
"Gordon Lamb is a much respected and well established business operating in Derbyshire, a core territory of ours. It is a business we have long admired, and I am delighted to welcome them to the Vertu Group. I see a very clear cultural, strategic and business fit," said Vertu Chief Executive Robert Forrester.
By Sam Unsted; [email protected]; @SamUAtAlliance
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